Annual payments could rise by £655 under the Triple Lock over the 2025/26 financial year The latest figures from the Office for National Statistics (ONS) on Thursday show that average regular earnings growth dropped to 5.7 per cent in the three months to May - down from 6 per cent in the previous three months. It’s an important figure for 12.
7 million State Pensioners across Great Britain to take note of as it looks set to be the driving measure for the annual April uprating, under the Triple Lock policy. However, it’s important to be aware that the earnings growth figure used for the Triple Lock is for the period between May to July and that won’t be published by the ONS until September. Under the Triple Lock the New and Basic State Pensions increase each year in-line with whichever is the highest between the average annual earnings growth from May to July, CPI in the year to September, or 2.
5 per cent. Given that inflation is currently 2.0 per cent, pension experts agree that it is likely that wage data will be used for the uplift.
An uprating of 5.7 per cent would give those on the full New State Pension payments an uplift of £12.60 each week, or £50.
45 ever four-week pay period. This would take weekly payments to £233.80 or £935.
20 every four-week pay period. Over the 2024/25 financial year this amounts to £12,157.60.
People on the full Basic State Pension would receive an uplift of £9.65 each week, or £38.60 every four-week pay period.
This would take weekl.